Cognizant pips Infosys to become India’s 2nd largest IT firm

Nasdaq listed Cognizant has displaced Infosys to become the India’s second largest IT firm and also recorded highest revenue growth rate of 20.1 per cent in revenues in 2012 among the India’s top five software companies, said global research firm Gartner. "Cognizant displaced Infosys to become the second-largest Indian IT services provider and Cognizant experienced the highest growth rate among the top five providers with an increase of 20.1% in 2012," Gartner Research Director Arup Roy said. TCS continued to be the industry leader in terms of revenues at USD 10.9 billion, followed by Cognizant with USD 7.1 billion, Infosys with USD 6.7 billion, Wipro with USD 5.7 billion and HCL Technologies with USD 3.9 billion. "The top five Indian providers grew 13.3% to reach $34.3 billion in 2012, exceeding the IT services industry growth of 2%," Gartner said. Gartner pointed out that growth rate of India-based service providers has been slowing for some years as compared to those headquartered in US like Genpact, Cognizant, Syntel and iGate.